TeraWulf initiated with a Buy at Jefferies

As previously reported, Jefferies initiated coverage of TeraWulf (WULF) with a Buy rating and $28 price target as the firm started coverage of four AI data center developers all with legacy Bitcoin mining roots. AI data center demand remains strong, with power availability the “binding constraint,” says the analyst, who adds that tenant credit quality, location durability, and development execution will be the differentiating factors among this group. TeraWulf pivoted to AI data centers quicker than peers and is already generating data center revenue, the analyst tells investors.

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